3,579 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by 1834 Investment Advisors Co.

1834 Investment Advisors Co. bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 3,579 shares of the software maker’s stock, valued at approximately $278,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after acquiring an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB increased its holdings in shares of Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares during the period. Finally, Van ECK Associates Corp grew its holdings in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is currently owned by company insiders.

Fortinet Trading Up 3.8 %

Shares of FTNT stock opened at $80.87 on Thursday. Fortinet, Inc. has a 1-year low of $47.66 and a 1-year high of $83.77. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The firm’s 50-day simple moving average is $78.18 and its 200-day simple moving average is $67.73. The firm has a market cap of $61.86 billion, a P/E ratio of 47.85, a PEG ratio of 2.78 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.31 earnings per share. As a group, equities analysts forecast that Fortinet, Inc. will post 1.75 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FTNT. Barclays boosted their target price on shares of Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a report on Thursday, August 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Wednesday, August 7th. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Finally, HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price for the company in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $74.68.

Fortinet Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.